Blog Posts By:

Ed Mierzwinski,
Senior Director, Federal Consumer Program

The NYTimes reports that "When Customers Say Their Money Was Stolen on Zelle, Banks Often Refuse to Pay." We did a report last year on consumer complaints about Zelle and similar apps.

CFPB director Rohit Chopra today announced a request for information about your experiences with your bank. “Customers of large banks should not have to run through an obstacle course to get a straight answer about their account. We are taking steps to ensure the legally enshrined right to obtain basic customer service.”

Cover image via Flickr by Stevan Sheets, WWC Fall Family Fest, Some rights reserved.

From the CFPB's Office of Servicemember Affairs' recent annual report: Servicemembers told the CFPB about billing inaccuracies and that debt collectors used aggressive tactics to recover allegedly unpaid medical bills. Servicemembers also reported failures by credit reporting companies in helping to resolve inaccuracies and other credit reporting issues.

Apple is joining the parade of competitors in the more and more crowded "Buy Now, Pay Later" space, with its version of "pay in four," called Apple Pay Later.

The Wall Street Journal reports that the Buy Now, Pay Later firms that promised a "credit revolution" face a reckoning as the business model stalls in a tough economy. We are shocked, shocked.

Wow. The FTC's consumer chief gave a powerful speech this week that essentially said "privacy notice and choice" are not enough in a surveillance-based economy. "When we’re expecting consumers to have to choose between participating in the digital economy and protecting their privacy, we’re not giving them a choice at all – what we’re really describing is coercion."

Cover image by g4||4is "Privacy. The "i" is a lock" via Flickr. Some rights reserved.

Last year, the Supreme Court eliminated the FTC's key authority to disgorge ill-gotten gains from corporate wrongdoers and use the money to compensate their victims. It was an unfortunate decision that benefited a convicted payday lender who fleeced thousands of victims and will allow brand name Big Pharma firms that block lower-cost generic competitors and other wrongdoers to escape billions of dollars in restitution. The Senate Commerce Committee is voting tomorrow on a bill to restore FTC powers.

-- Cover graphic of FTC Building via Flickr, by Boston Public Library, Some rights reserved.

Today, we joined the National Association of Consumer Advocates and other leading groups to ask that the Federal Trade Commission (FTC) make a rule requiring that a credit contract between a consumer and an auto dealer constitutes the final terms of a car sale. This will prevent common schemes where the consumer signs what seems to be a final contract, and drives home, but then is "yo-yo'd" back to pay higher costs or lose the car.

Cover photo: maybaybutter at iStock